Leo F. Griffin was named executive director of the $461 million Richmond (Va.) Retirement System, effective June 3.
Mr. Griffin replaces Philip Langham, who became director of the Pension Benefit Guaranty Corp.’s benefits and payments department in September 2012.
The Richmond Retirement System administers a defined benefit plan and a 401(a) defined contribution plan for employees of the city and the Richmond Behavioral Health Authority, spokeswoman Kristina Friar said in an e-mail.
Mr. Griffin is currently retirement director and chief investment officer for the Spokane (Wash.) Employees’ Retirement System, which had $222 million as of Dec. 31, 2011, the most recent data available on the website.
In a statement, Mr. Griffin said that one of his proudest accomplishments for the Spokane retirement system was improving mutual fund choices for participants and reducing those fees by more than 40%. “I look forward to bringing this experience with me to Richmond,” he said in the statement.
Richmond’s asset allocation targets as of the June 2012 annual report were 30.5% fixed income; 27% domestic equities; 26% alternatives, including hedge funds, private equity and real estate; 15% global equities; and 1.5% cash.
Calls to the Spokane system and board Chairman Bill Todd were not returned at press time.